V185 Exam 3 Study Guide PDF

V185 Exam 3 Study Guide Regulations \- What is a monopoly? Why are monopolies problematic? \- What is price discrimination? Be able to identify from a list of examples. \- What historical forces led to the creation of economic regulations? When were these\ regulations first enacted? \- What wer...

V185 Exam 3 Study Guide Regulations \- What is a monopoly? Why are monopolies problematic? \- What is price discrimination? Be able to identify from a list of examples. \- What historical forces led to the creation of economic regulations? When were these\ regulations first enacted? \- What were the major provisions of the Sherman Anti-Trust Act? What were the most\ recent examples discussed in class when the Sherman Act was used to prosecute\ monopolistic abuses? \- How has corporate consolidation impacted competition within the American economy\ and what potential issues has this raised for citizens and consumers? \- What is social regulation aimed at addressing? What are some examples of regulations\ that fit within the category of social regulations? What are the major concerns associated\ with this type of regulation? \- What impact have social regulations had on workplace safety in the last 50 years? \- What is cost-benefit analysis, and how is this used in crafting social regulation? \- What are the two major approaches used to determine the statistical value of a human\ life? What are the most common ranges of values for the value of a human life that are\ used by the federal government? \- What are the general time trends in terms of the frequency of economic and social\ regulation? Maybe something about amazon fatalities. Rulemaking \- What is administrative rulemaking? How do rules created by agencies compare with\ laws passed through Congress? \- What are the major components of the Administrative Procedures Act of 1946? (APA) legal framework for administrative rulemaking. Establishes a framework for judicial review of administrative rules. \- Why do agencies engage in rulemaking? As a result of congressional and presidential directives. \- What are the seven steps of the rulemaking process under the APA? 1. Initiation 2. Analysis and evaluation 3. Notice of proposed rule 4. Comment 5. Revision 6. Promulgation of final rule 7. Preparation for legal challenge \- What is "deck stacking," and how does Congress use it to influence agency rules? \- Why might some argue that the rulemaking process constitutes a potential violation of\ the principle of separated powers? \- How does the current system of rulemaking incorporate citizen feedback in the process? Employee Motivation and Work-Related Attitudes \- Be familiar with the conception of the study of work motivation -- Taylor's scientific management principles and how this framework viewed workers and the social\ dynamics between employees \- What are the Hawthorne effect discoveries? Note that motivating people requires\ attention to workers as individuals, members of group social settings. \- Be familiar with the major theories of motivation Hygiene needs and Motivation needs \- What is Herzberg's two-factor (hygiene and motivation) theory of motivation? \- What constitutes job enrichment? Job enlargement? Job enrichment Self-determination: Employees feel they have freedom and discretion Meaning: employees believe their work is important Competence: Employees have feelings of self-efficacy Impact: Employees feel their actions influence success. Job enlargement seeks to accomplish Give employees opportunities to utilize the skills they have \- What is Equity Theory? How does the outcome/input ratio impact employee perception of fairness? Creates tension to restore equity. \- Be familiar with expectancy theory and the three tenants: expectancy, instrumentality, and valence, and what they tell us about managing workplace\ motivation Suggests that motivation will be high when workers feel: High levels of effort lead to high performance. High performance will lead to the attainment of desired outcomes. Instrumentality: performance leads to outcomes Valence: how desirable each outcome is to a person Some students care more about getting good grades than others Students may also care more or less about some classes than others \- How does the teacher shortage case study relate to workplace motivation theories we learned about in this unit? Goals and Planning \- What is a goal? Be prepared to define A desired future state that the organization attempts to realize. \- What are goal conflict and goal ambiguity? Goal conflict can create tensions within the organization. \- Review the SMART method for setting good goals SMART: Specific, Measurable, Attainable, Relevant, and Timely. Achievable but also challenging Reasonable in number (focus on most important) Clearly articulated and communicated Based on participation and feedback \- What are official goals and how are they typically used/who by? What are strategic\ goals? What are operational goals? Be prepared to define and discuss who in an\ organization is more likely to use which goals. Official goals Mission statements Official documents and reports Primarily for external legitimacy (For investors, customers, suppliers, and community) Strategic goals and tactical goals Long-term plans and visions Used by senior and mid-level managers Operational goals Specific tasks and procedures by front-line employees What the organization actually does Departments, individuals \- What is the purpose of a mission statement? What common elements do they usually\ share? \- Review the conflicts between operational goals and broader official goals. \- What is a plan? Be prepared to define and discuss the importance of plans. \- Discuss the three major types of planning: Strategic, operational, and contingency \- What is an Environmental (SWOT) Analysis? Be prepared to discuss the four major\ elements. \- What is a strategy map, and what are its goals? \- Review single use vs standing plans \- Review contingency plans, why they are important, cases we reviewed in class, and how they relate to risk assessments. Define a risk assessment and the major components\ involved in this analysis. Ex. Zombie preparedness plan. Risk= probability times consequences Practiced prior to actual emergency Mock scenarios Severe weather Shooter Cancelled classes The Professor becomes ill. Performance Management \- What is performance management (PM)? Be ready to define and come up with applied\ examples. \- Discuss how PM is used (i.e, internal vs external uses) \- What are the four main goals of PM? \- What are the four types of responses to PM (the 4P's)? Be ready to describe each Purposeful Passive Most of the time, they do this. Legally required. Political Perverse \- Review examples of "perverse" responses, such as cheating. Effort substitution: reducing effort on non-measured dimensions Spending time on things that are graded on as teacher and not other info Response to perversity (cheating) Add new/additional measures Change existing measures Rely/cultivate intrinsic norms to limit misbehavior Avoid high-power incentives. Top-down vs bottom-up efforts at controlling bureaucracies Higher level management dictates policies vs. giving more autonomy to frontline \- Review the Standardized Testing and Cheating Scandals case study Teachers erased answers on exams to get better test scores. \- Review the reasons some employees resort to cheating PM systems Unrealistic standards Incomplete measures of performance High-powered incentives that push people to extremes Lack of trust between the overseers and the overseen \- What are the best practices for designing good PM systems? Selection of Performance Indicators Feasible to collect and measure Based on outcomes or goals that are most important Refined/detailed enough to provide actionable info Appropriate for comparisons Achievable but aspirational goals Participative process to select and evaluate performance. Communication of data Performance should be put into context The performance system should be open and transparent Title IX: Add protections for LGBTQ students. And gender identity. Affirmative Action: Colorblind in admissions. Diversity no longer accepted. Practice Questions From your Study Guide: \"What is "deck stacking" and how does Congress use it\ to influence agency rules?\"\ 1) What does the term "deck stacking" refer to?\ A) When a politician hires a campaign ally for a role in Congress\ B) When an industry insider is hired for a regulatory position in the industry, they\ were previously employed by\ C) When Congress places interest groups in a position to influence agency rulemaking\ which may favor industry interests over public interests 2\) There are two major types of government regulation categories. Which category\ includes regulations focused on promoting a fair and efficient marketplace?\ A. Social Regulation\ B. Optimal Regulation\ C. Economic Regulation\ D. Agency Regulation From your Study Guide: \"What historical forces led to the creation of economic\ regulations? When were these regulations first enacted?\" And \"What is social\ regulation aimed at addressing? What are some examples of regulations\ that fit within the category of social regulations?\" 3\) Antitrust laws are designed to \_\_\_\_\_\_.\ A) Prevent monopolies and unfair methods of competition\ B) Prevent consumer gaming of industry loopholes\ C) Incentivizing contract fulfilment between principles and agents From your Study Guide: \"What were the major provisions of the Sherman\ Anti-Trust Act?\" 4\) Performance management systems used by managers to inform within-organization\ decisions regarding allocation of resources and which projects to invest more time\ into represents an \_\_\_\_\_\_\_ use, rather than a \_\_\_\_\_\_\_\_\_ use of performance\ information.\ A) Internal Management, External Accountability\ B) Police Patrol, Fire Alarm\ C) Top-down, bottom-up D\) Qualitative, Conjoint From your study guide: \"Discuss how PM is used (i.e, internal vs external uses)\"\ Note: while external-based accountability has often proven problematic, there are\ some reasons to think that internal uses of performance data may be more\ effective at bringing around positive change for an organization